Florida boutique real estate firm InSite Group and New York-based investor EL Group today revealed their joint acquisition of Miami Beach’s famous, luxurious Sagamore Hotel at Collins Avenue and 16th Street.
"We are excited to become the new stewards of this outstanding asset, which is located in one of the most highly sought-after destinations in the country," InSite Group’s CEO Ben Shmul said. "The Sagamore has great history and tradition, which we will continue to improve upon into the future, with both physical improvements and the addition of exciting new programs, services and amenities."
The two firms plan to renovate the 93-room property to introduce an exciting “new vibe” including enhanced culinary and beverage choices. At the same time, they intend to preserve the legacy of art-curated features that make the hotel so distinctive.
"We believe in buying strategic assets and repositioning them for long-term holding period," Edeed Ben Josef, EL Group chairman, said. "We view The Sagamore Hotel as a uniquely iconic asset with clear and substantial value-add opportunities. We look forward to taking advantage of those opportunities with our partner, Insite Group."
InSite Group specializes in a range of properties, from distressed to value-added and residential to mixed-use, including hotel properties franchised by Starwood, Hilton and B Hotels & Resorts.
Family-owned EL Group operates offices in Miami, New York City and Tel Aviv.